Naira Plunges to ₦1,612/$ at Official Market — Hits Four-Month Low
The Nigerian naira plunged to an alarming N1,612 per dollar on Monday, marking a significant depreciation in the official foreign exchange market. This drop represents the lowest exchange rate recorded since December 4, 2024, when the dollar was valued at N1,613.69.
At the Nigeria Foreign Exchange Market (NFEM), the local currency fell by 2.89 per cent, sliding from N1,567.02 on April 4 to N1,612.23/$ on Monday. The situation is even direr in the parallel market, where the naira dropped by 3.51 per cent to N1,620 per dollar, down from N1,565 on April 7.
This sharp decline comes despite the Central Bank of Nigeria’s (CBN) recent efforts to stabilize the market, having injected $197.71 million into the foreign exchange system on April 4. The CBN stated that this intervention was part of its commitment to ensure adequate liquidity and support the orderly functioning of the market.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71 million through sales to authorized dealers. This measured step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the apex bank explained in a statement.
The CBN’s intervention comes in the wake of recent turbulence in global stock markets, triggered by President Donald Trump’s announcement of sweeping tariffs on all imports into the United States, which has reverberated through economies worldwide.
Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), emphasized the need for further action. He urged the CBN to inject additional liquidity into the interbank market and the critical retail sector to meet the growing demand for invisible transactions and support small and medium-sized enterprises.
